A business continuity plan is a set of proactive strategies developed to prevent disasters as well as other unexpected interruptions. They help companies avoid reputational, financial, and regulatory consequences that could damage their market value or diminish confidence among consumers. The creation and management of a business continuity planning requires significant knowledge and resources. Other employees such as marketing human resources, accounting and legal, have to be involved in this process.
A solid business continuity strategy will include a thorough analysis on the organization’s core functions. This analysis will help determine which processes are most crucial and what they rely on to succeed. The analysis should include a consideration of the impact that a disaster could impact these functions. In the ideal scenario, the business continuity plan should include recovery procedures to each of these critical functions.
After the business continuity analysis is completed, the company will be required to create and implement a business continuity strategy. The process is often complicated by the necessity of balancing the needs of the business and the limitations of limited resources.
The business continuity plan should be regularly reviewed and updated. Conducting these tests, which can be as simple as tabletop exercises or as complex as workplace simulations and confirms that the plan is useful and effective. Testing can also help to identify areas where the theoretical solutions will not be effective in real-world situations, allowing the organization to modify its procedures in line with. In addition, periodic plan reviews and updates ensure that the business continuity plan is in line with the current technology, processes and personnel.
